Master Plant Holdings has been awarded a cannabis license for research, development, and manufacturing on the island of Guernsey.
The license, only the second issued by the Bailiwick of Guernsey, represents a major milestone for Master Plant and the UK cannabis industry. The company is now among a small handful of businesses in the UK and the British Isles to be awarded a cannabis license.
Master Plant is well placed to capitalize on the burgeoning legal cannabis market in Europe, estimated to be valued at $13.4bn by 2027 by Market Data Forecasts. Master Plant has consolidated decades of research and development into its proprietary cannabis genetics bank, which provides diversity in major and minor cannabinoids, as well as other beneficial molecules that will contribute to a vast assortment of future products.
Master Plant Chairman and industry veteran Len Werden said, “Our legacy strains, with years of innovation and market penetration on the clock, give a substantial platform for launching premium products and developing further strains. It’s really encouraging to see investors focusing on genetics and quality these days. This is what the industry has traditionally taken pride in, rather than the huge projects that have frequently failed in recent years.”
Master Plant intends to retrofit its 60,000 sqft greenhouse in Guernsey to build a world-class cultivation and manufacturing facility with the intent of serving the legal cannabis market. The company will continue to focus on the further development of its genetics portfolio and the creation of highly controlled single-serve products alongside its manufacturing, brand, and distribution capabilities.
CTO Phil Petelski, an industry veteran who has licensed and built eleven cannabis facilities in North America, said, “This is a meaningful step for Master Plant and its investors. We would like to thank the Bailiwick of Guernsey Cannabis Agency and all parties that have supported us thus far. The European cannabis industry is full of promise, and with our team’s extensive knowledge and experience from the North American markets, we have a great opportunity to create a major European entity with solid fundamentals.”
Master Plant, upon completion of the investment, will begin the retrofit of its facility in Q2 of 2023, with a targeted completion date for early 2024.
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